2026 Q1 Portfolio Activity
In 2026 Q1, Mill Road Capital Management LLC maintained a portfolio of 26 distinct positions. The most significant new addition was BOWMAN CONSULTING GROUP LTD, now representing 3.13% of the total fund value. They heavily accumulated shares in GROCERY OUTLET HLDG, increasing the position by 139.1%. Conversely, Mill Road Capital Management LLC completely exited their position in NATURAL GAS SVCS GROUP INC.
Position History
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Total Positions
26
Quarter
2026 Q1
Top Holding
NVRI (21.5%)
Top 10 Concentration
82.8%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-26 of 26
Mill Road Capital Management LLC Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
NVRI
ENVIRI CORP
|
Industrials | 21.50% | 22.26% |
#1
Prev: #1
|
7.0 |
—
|
no change | no change |
P
S
|
2,090,743 | $41,020,378 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MG
MISTRAS GROUP I...
|
Industrials | 14.49% | 12.57% |
#2
Prev: #2
|
7.5 |
—
|
197,899 | 11.8% |
P
S
|
1,870,580 | $27,647,172 | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ALTG
ALTA EQUIPMENT ...
|
Industrials | 12.31% | 11.73% |
#3
Prev: #3
|
5.5 |
—
|
80,000 | 1.9% |
P
S
|
4,373,208 | $23,484,127 | 2021 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
GO
GROCERY OUTLET ...
|
Consumer Defensive | 8.76% | 5.95% |
#4
1
Prev: #5
|
7.0 |
—
|
1,379,404 | 139.1% |
P
S
|
2,370,897 | $16,714,824 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
BZH
BEAZER HOMES US...
|
Consumer Cyclical | 8.45% | 10.05% |
#5
1
Prev: #4
|
4.4 |
—
|
3,561 | 0.4% |
P
S
|
838,035 | $16,123,793 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NDLS
NOODLES & CO
|
Consumer Cyclical | 3.90% | 2.92% |
#6
4
Prev: #10
|
1.6 |
—
|
-6,094,631 | -87.5% |
P
S
|
870,660 | $7,444,143 | 2017 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
BXC
BLUELINX HLDGS ...
|
Industrials | 3.83% | 4.93% |
#7
1
Prev: #6
|
2.5 |
—
|
no change | no change |
P
S
|
134,964 | $7,312,350 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
QNST
QUINSTREET INC
|
Communication Services | 3.27% | 4.43% |
#8
Prev: #8
|
2.3 |
—
|
no change | no change |
P
S
|
518,879 | $6,231,737 | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
LCUT
LIFETIME BRANDS...
|
Consumer Cyclical | 3.21% | 2.50% |
#9
2
Prev: #11
|
2.3 |
—
|
no change | no change |
P
S
|
1,065,810 | $6,117,749 | 2012 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
BWMN
BOWMAN CONSULTI...
|
Industrials | 3.13% | — |
#10
Prev: #—
|
4.8 |
—
|
210,333 | — |
NEW
|
210,333 | $5,981,871 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
RSVR
RESERVOIR MEDIA...
|
Communication Services | 2.88% | 4.61% |
#11
4
Prev: #7
|
1.2 |
—
|
-464,774 | -45.3% |
P
S
|
560,658 | $5,488,842 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MATW
MATTHEWS INTL C...
|
Industrials | 2.34% | 2.04% |
#12
2
Prev: #14
|
3.4 |
—
|
41,100 | 31.2% |
P
S
|
172,715 | $4,459,501 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FWRD
FORWARD AIR COR...
|
Industrials | 1.99% | 2.49% |
#13
1
Prev: #12
|
3.3 |
—
|
59,100 | 35.3% |
P
S
|
226,750 | $3,788,993 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PLAB
PHOTRONICS
|
Technology | 1.70% | 1.52% |
#14
2
Prev: #16
|
1.7 |
—
|
no change | no change |
P
S
|
80,200 | $3,240,882 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
KRP
KIMBELL RTY PAR...
|
Energy | 1.68% | 3.76% |
#15
6
Prev: #9
|
0.7 |
—
|
-316,900 | -58.9% |
P
S
|
221,295 | $3,202,139 | 2021 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
BBCP
CONCRETE PUMPIN...
|
Industrials | 1.61% | 1.72% |
#16
1
Prev: #15
|
1.6 |
—
|
no change | no change |
P
S
|
430,805 | $3,075,948 | 2021 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ARHS
ARHAUS INC
|
Consumer Cyclical | 1.44% | — |
#17
Prev: #—
|
4.1 |
—
|
403,900 | — |
NEW
|
403,900 | $2,738,442 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CVEO
CIVEO CORP
|
Consumer Cyclical | 1.41% | 1.25% |
#18
1
Prev: #17
|
2.6 |
—
|
10,062 | 11.0% |
P
S
|
101,738 | $2,691,987 | 2021 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CNTY
CENTURY CASINOS...
|
Consumer Cyclical | 0.80% | 0.87% |
#19
Prev: #19
|
1.3 |
—
|
no change | no change |
P
S
|
1,095,900 | $1,523,301 | 2021 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PZZA
PAPA JOHNS INTL...
|
Consumer Cyclical | 0.54% | — |
#20
Prev: #—
|
3.7 |
—
|
31,900 | — |
NEW
|
31,900 | $1,033,879 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CULP
CULP INC
|
Consumer Cyclical | 0.47% | 0.69% |
#21
1
Prev: #20
|
1.2 |
—
|
no change | no change |
P
S
|
324,669 | $889,593 | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
BLBD
BLUE BIRD CORP
|
Industrials | 0.17% | 0.16% |
#22
1
Prev: #21
|
1.1 |
—
|
no change | no change |
P
S
|
5,800 | $329,382 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
INOTIV INC
|
|
Bond/Debt | 0.12% | 0.14% |
#23
1
Prev: #22
|
1.0 |
—
|
no change | no change |
P
S
|
1,000,000 | $234,560 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
AIOT
POWERFLEET INC
|
Technology | 0.02% | 0.05% |
#24
1
Prev: #23
|
0.5 |
—
|
100 | 0.7% |
P
S
|
15,100 | $46,508 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TRUE
TRUECAR INC
|
Unknown | 0.00% | 1.19% |
Sold All 😨
(Was: #18) |
0.0 |
—
|
-886,075 | -100.0% |
CLOSED
|
— | $— | 2023 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NGS
NATURAL GAS SVC...
|
Energy | 0.00% | 2.18% |
Sold All 😨
(Was: #13) |
0.0 |
—
|
-109,000 | -100.0% |
CLOSED
|
— | $— | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 |
Showing 1-26 of 26 holdings